CANADA STOCKS-TSX lower as bank shares unloaded

2 Min Read

* TSX down 0.33 percent, at 11,331.70

* Bank shares down, commodities rise (Adds details, comments)

By Irene Kuan

TORONTO, Dec 9 (Reuters) - Toronto’s main stock index was lower on Wednesday morning as shares of Royal Bank of Canada and other banks dropped on yearend profit-taking, more than offsetting the boost the index got from stronger commodity prices.

Shares of Canada’s No. 1 bank, Royal Bank of Canada (RY.TO), fell 1.63 percent to C$54.33, while Toronto-Dominion Bank (TD.TO) was down 1.83 percent at C$64.74.

Bank of Nova Scotia (BNS.TO), which reported earnings on Tuesday that analysts felt did not build on strong results from rival banks last week, was down 1.22 percent at C$47.03.

“There’s some profit-taking in the financial sector because it’s acted well the past few days,” said Bruce Latimer, trader at Dundee Securities.

“I don’t think investors want to risk any of the gains they’ve made this year, and if anything, they may be trimming some positions to get ready for next year.”

Oil and gold prices rallied for the first time on Wednesday after several days of losses as the U.S. dollar weakened. [O/R][GOL/]